Now what: Management expects first-quarter adjusted EPS of $0.50 to $0.55 on revenue of $219 million to $225 million, versus the consensus of $1.13 in adjusted EPS and a top line of $238 million. "For online advertising, our conscientious efforts in growing online video and search businesses are bringing strong growth in revenues, users and traffic," said CEO Dr. Charles Zhang. "In 2012, we aim to make [Sohu Group] even more dominant in China's Internet market." It's tough to buy that optimism given today's disappointing news, but with the stock now down about 50% from its April highs and trading at a single-digit P/E, Sohu might be cheap enough to take a chance on.